Homework on Mempool - Questions

  1. a storage place for unconfirmed transactions

  2. transaction stays in mempool for awhile. Slow confirmation of transaction because it cannot make it to the next block.

  3. miners look for highest bidder in fee to construct the next block. Higher fee’s transaction get higher priority, therefore transaction fee will increase because new transactions will try to propose higher fee than average in order to be prioritized.

  1. What is the mempool?
    The mempool is a data structure that acts as a holding area for unconfirmed transactions and may differ slightly from node to node as new transactions are cascaded through the network.

  2. What happens if the miners can’t keep up with the rate of the new transaction?
    The mempool grows in size and can become backlogged as new blocks are created on a 10 minute schedule with a defined size limit.

  3. How does a growing mempool effect transaction fees?
    Miners are financially incentivised and will select transactions with the highest fees for inclusion in the next block. Since the fee can be adjusted by the transaction sender, they can increase in order to gain priority inclusion in the next block. Those transactions with lower fees may find it takes longer for inclusion and hence confirmation.

  1. Mempools are pools of unconfirmed transactions.

  2. The mempool increases in size.

  3. Fees increase.

1. What is the mempool?
It is a list of unconfirmed transactions of a node.

2. What happens if the miners can’t keep up with the rate of the new transaction?
The size of the mempool and the transaction time increase.

3. How does a growing mempool effect transaction fees?
Transaction fees get higher because people are willing to reduce transaction time by paying more fees.

  1. The queue of validated transactions not yet put into a block.
  2. The mempool gets bigger.
  3. Miners will choose transactions with larger fees first. Users will be incentivized to offer higher fees so their transactions are included in blocks more quickly.
  1. The mempool is a pool of unconfirmed transactions in every node, that haven’t been added to the next block by a miner yet. Not all nodes will have all of the unconfirmed transactions at the same time, but will eventually get them if they are not confirmed.

  2. If the miners can’t add all of the transactions into the next block, they will be kept in the mempool until the next block is mined.

  3. When the mempool gets too big for all transactions to be added into the next block, miners will prioritize the transactions with the highest fees per byte.

  1. Mempool or ‘memory pool’ is a temporary storage space on each node for new un-mined transactions to be picked up by the miners.

  2. If miners cant cope with the rate of new transaction, most likely, they have to re-sent the transaction again. If the mempool is too large and new transaction arrives, those with low fees will be dropped from the mempool.

  3. Growing mempool will push the fee up because in order to be picked up by the miners, a high financial incentives must be rewarded.

  1. Mempols are data structures where nodes store the unconfirmed TX’s.

  2. The TX will take longer time.

  3. You will get TX’s with higher fees go through first.

  1. mempool is the list of transactions received by the network, agreed as valid by all nodes and listed awaiting inclusion into the next block by mining nodes.

  2. the mempool will grow in size and the mining difficulty will adjust to keep the block time near 10 minuets.

  3. the transaction with less bites will be included first so to get into the blockchain faster one would need to pay a higher fee.

1- it is a list of valid but unconfirmed transactions.

2- they pick the highest transactions in fees or the simplest ones.

3- it effects it by making the fees higher because there’s a lot of competition.

  1. list of unconfirmed transactions
  2. mempool gets bigger
  3. takes longer to confirm, fees increase

1. What is the mempool?

A record of unconfirmed UTXOs which are confirmed by the network nodes as valid transactions. i.e. The UTXO fund transfer is consistent with the blockchain records.

  1. What happens if the miners can’t keep up with the rate of the new transaction?

Increases in mempool size imply the blockchain transaction difficulty increased which in-turn increases the miner transaction fee. Increases in transaction difficulty also discourages miners from entering the network to compete for the blockchain reward (12.5 BTC).

3. How does a growing mempool effect transaction fees?

Increases in mempool size implies the blockchain transaction difficulty increased which in-turn increases the miner transaction fee. Although the transaction fee increased to offset the miners increased difficulty the resultant increased energy costs required to compute the next blockchain block, combined with the 12.5 BTC reward, may be insufficient to reward the miner for their effort and so the number of active miners decreases proportionally.

    1. A Mempool is a store of pending transactions. Mempools will be different for each node as transactions are stored at the node they reach first.
    1. The mempool gets larger, the waiting times for transactions grows.
    1. The TX with the most Satoshis/byte will be chosen first so the miner can maximize their commission per block.

[quote=“ivan, post:1, topic:8438”]

  • What is the mempool?
    Each node’s recording of currently unprocessed transactions.

  • What happens if the miners can’t keep up with the rate of the new transaction?
    The Mempool will increase in size as new blocks are created every 10 minutes so the
    transactions waiting will increase. Additionally, People will want to pay higher fees for the miners to select their transactions for processing.

  • How does a growing mempool effect transaction fees?
    Miners are financially incentivized so they want to select the transactions with the least bytes and
    the highest fees for processing. When the mempool gets large, people will pay higher fees to get
    their transactions processed quickly.

1 Mempool é a lista de todas as transações pendentes e que foram aceitas por outros nodes. Os mineradores selecionam as transações a serem inseridas no próximo bloco através do mempool.

2 O mempool irá aumentar.

3 Quanto maior for o mempool maior será o tempo de espera para confirmar transações e isso gera um impacto nas taxas, pois as transações com taxas mais lucrativas são mineradas primeiro e isso faz com que as taxas subam para que as transações sejam confirmadas mais rapidamente.

  1. Mempool is the clearing house for TX yet to be approved.
  2. The Mempool will get bigger,longer transaction times.
  3. As the clearance rate drops, because of large Mempool, to clear a transaction quickly a higher transaction Fee would be required.
  1. The “mempool” (short for memory pool) is simply the pool of unconfirmed transactions a full node holds. It’s the transacations the full node recognizes as correct transactions, that the next miner can take into the next block.

  2. Then the mempool will just grow bigger and higher transaction fees will be needed if you want your transaction to go through in a reasonable timeframe. This is basically the supply/demand theory in practice.

  3. As mentioned in answer #2, it’s the supply/demand theory in practice. The larger a mempool is growing, while the # of miners remain the same, the higher the transaction fees will become, because miners always takes the transactions with the highest fees by sat/B.

  1. The mempool is a list of all unconfirmed transactions.
  2. Then the mempool grows larger and there are longer transaction times.
  3. Larger fees are offered to miners to get the transaction to be picked first.
  1. The mempool is the waiting queue containing all the pending transactions which have not yet been included into a block (i.e. unconfirmed transactions). It is calculated in Satoshi per Bytes, which will be the reward fees for the miners. Each 10 minutes (in average) a new block is found and the mempool diminishes by removing the pending transactions which have been included in the new block.

  2. If the miners can’t keep up with the rate of the new transaction, the mempool will become bigger and bigger.

  3. A growing mempool has an effect on transaction fees because the miners will have the choice and naturally they will include in new blocks the transactions with the higher fees. By consequence : the fees go up. The transactions with lower fees will have to wait until the mempool is nearly empty, in order to be validated.

  1. What is the mempool?

A mempool is a temporary storage allocated at each node that holds the details of unconfirmed transactions that are ready to be picked by miners to add them to new blocks.

  1. What happens if the miners can’t keep up with the rate of the new transaction?

Miners put low-fee transactions at the bottom of their priorities, which takes these sort of transactions a longer time to get confirmed.

  1. How does a growing mempool effect transaction fees?

The transaction fees goes up in correlation with how much Sat/Byte a transaction takes.